Blockchain technology is becoming increasingly popular in the interactive media industry. In today’s rapidly evolving world, creators and marketplaces are rethinking how they handle business. Direct feedback has become crucial in navigating this space, providing immediate insights into what fans want.
Tommaso Sandretto, a pioneer in the industry, emphasizes the importance of controlling your digital identity and being independent. Using blockchain technology, creators can reward fans for their loyalty, making them feel recognized and appreciated. This approach builds a stronger relationship between creators and their audience, increasing engagement and loyalty.
An investment banker by training, Sandretto became fascinated with DeFi in 2018 through friends already involved in the space. As he met more like-minded individuals, Sandretto eventually connected with Scott Greenberg, head of Bento Box, an animation studio known for partnerships with Fox and NBC. With this connection, Sandretto began providing his expertise to those in the Web3 space, helping them enhance their web components.
Exploring the Pros & Cons of Blockchain in Interactive Media
Blockchain technology is becoming increasingly popular in the interactive media industry, with many creators and studios utilizing its benefits. One of the main advantages of using blockchain technology is the ability to reward loyal fans and give them a sense of ownership of intellectual property. A good example of this is the use of a leaderboard, which encourages fans to hold onto their NFTs, granting them access to voting and impact opportunities. By providing these benefits to fans, creators, and studios are able to build a stronger relationship with their audience, leading to increased engagement and loyalty.
“For instance, if you own one of our NFT assets, like the Krap Chicken NFT collection, which lays an egg every day, the longer you hold the NFT, the more eggs you’ll have,” Thomas Sandretto says. “This allows you to achieve different leaderboard positions and gives you access to different voting and show impact opportunities. By doing so, fans can direct the show, creating a much closer relationship between the creators and fans.”
Krap Chicken holders can enjoy exclusive perks, including early screenings, special events, and episodic voting for Krapopolis, an upcoming American animated sitcom created by Dan Harmon for the Fox Broadcasting Company.
How to Address the Challenges in the Web3 Space
Sandretto shared his insights on the challenges currently faced by the web3 space and how they can be addressed in the future. According to him, regulatory, technical, and community-related issues are some of the major challenges that are common to all businesses in this space.
“However, with time and maturity, we are seeing that 99% of these issues get resolved, and we can develop a healthy regulatory framework and healthier communities,” Sandretto says. “During times like these, when the market is complicated and technology is being challenged, it’s where the truly neutral builders are spending most of their time trying to build the best possible experiences.”
Blockchain Creative Labs Reveals Anticipated Upcoming Projects
Blockchain Creative Labs (BCL) is currently developing several exciting projects. There are three significant projects, including the upcoming animated series, Krapopolis, scheduled to release this Fall.
“It’s a highly anticipated show, with three seasons already committed, and we’ve built a whole Web3 experience around it!” Thomas Sandretto says. “We’ve also collaborated with other notable creators like Rick and Morty co-creator Justin Roiland. As the show airs and evolves, the community will have a significant impact on it, which is something we’re excited about.”
BCL’s use of blockchain technology has also allowed for the creation of exclusive and personal opportunities for fans and season ticket holders of the USFL football spring league.
“These unique experiences are one of the many ways we’re trying to build a stronger relationship between consumers and brands,” Sandretto explains. “However, it also creates challenges, as we need to ensure that we cater to a broader audience and create a product that is easily understandable.”
Assessing Web3’s Effect on Interactive Media
Tommaso Sandretto emphasizes the significance of community and fan involvement in the creative process as a means of enhancing engagement, highlighting the importance of traditional media industries such as film and television.
“I think it’s our mission that sets us apart from others in this industry,” Sandretto says. “Unlike those who are targeting speculators or PFP holders, we are focused on the fans of content and creativity. By prioritizing this customer base, it makes our work easier and more stable, despite the complexity of the task.”
For aspiring entrepreneurs hoping to enter the Web3 space, Sandretto recommends being patient and willing to adjust ideas as necessary. He also suggests allowing time to figure out the right strategies, as trial and error is often necessary. The company itself emphasizes the importance of labs in its name, recognizing the need for experimentation and exploration.
“The positive impact of web three is that it provides immediate feedback from your fans, which is something that should be valued highly,” Sandretto says. “Typically, feedback is only received after everything is cooked and ready, and you put it in front of people, but with web three, we have a chance to get feedback earlier in the process. This approach blends technology and creativity, allowing us to create something great.”
In the future of interactive media, blockchain technology is expected to play a significant role in improving communication between studios and creators, leading to more satisfied fans. This development is considered essential as Tommaso Sandretto highlights the importance of empowering the community and ensuring they have a say in the creative process. The utilization of blockchain infrastructure is seen as a positive contribution to the industry as a whole.
